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Goodwill and Intangible Assets, Net | 9 Months Ended
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Jul. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets, Net | Goodwill and Intangible Assets, Net A summary of the change in the carrying amount of goodwill is as follows (in thousands):
| Goodwill Carrying Amount
Balance at October 31, 2023 | $ | 1,512 |
Foreign currency translation adjustment | (7) |
Balance at July 31, 2024 | $ | 1,505 |
Goodwill is tested for impairment on an annual basis or when an event or changes in circumstances indicate that its carrying value may not be recoverable. There have been no impairment charges recorded against goodwill as of July 31, 2024. Intangible assets consist of the following (in thousands):
| July 31, 2024 |  | October 31, 2023
| Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount |  | Weighted Average Useful Life in Years |  | Gross Carrying Amount |  | Accumulated Amortization |  | Net Carrying Amount |  | Weighted Average Useful Life in Years
Trade names and trademarks | $ | 2,108 |  |  | (1,258) |  |  | 850 |  |  | 8 |  | $ | 2,108 |  |  | $ | (1,104) |  |  | $ | 1,004 |  |  | 8
Customer relationships | 2,707 |  |  | (1,762) |  |  | 945 |  |  | 8 |  | 4,037 |  |  | (2,111) |  |  | 1,926 |  |  | 9
Non-competition agreement | 437 |  |  | (173) |  |  | 264 |  |  | 8 |  | 437 |  |  | (132) |  |  | 305 |  |  | 8
Acquired water and mineral rights | 3,327 |  |  | — |  |  | 3,327 |  |  | Indefinite |  | 3,422 |  |  | — |  |  | 3,422 |  |  | Indefinite
| $ | 8,579 |  |  | $ | (3,193) |  |  | $ | 5,386 |  |  |  |  | $ | 10,004 |  |  | $ | (3,347) |  |  | $ | 6,657 |  |  |
Amortization expense totaled $177,000 and $178,000 for the three months ended July 31, 2024 and 2023, respectively. Amortization expense totaled $533,000 and $553,000 for the nine months ended July 31, 2024 and 2023, respectively. In July 2024, the Company determined that the carrying value of one of its customer relationships was not recoverable, recorded an impairment charge of $643,000 and wrote off the intangible asset. 7. Goodwill and Intangible Assets, Net (continued) Estimated future amortization expense of intangible assets as of July 31, 2024 is as follows (in thousands):
2024 (remaining three months) | $ | 144 |
2025 | 578 |
2026 | 578 |
2027 | 294 |
2028 | 294 |
Thereafter | 171 |
| $ | 2,059 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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